RJ Scaringe reports Rivian Automotive's second-quarter results and improved full-year financial guidance.
RJ Scaringe, CEO of Rivian Automotive, reported second-quarter results on Thursday that exceeded analyst expectations. The company reported a gross profit of $179 million, a significant improvement over the previous year's loss. Rivian also reported a revenue of $1.66 billion, which was 27% higher than the previous year. To manage costs, the administration announced a reduction in capital expenditures and a narrowed loss forecast for the full year. The company reaffirmed its delivery target of 65,000 to 70,000 vehicles. RJ Scaringe noted that the launch of the R2 midsize SUV is a key driver for the company's path to profitability, as it has lower production costs than the flagship R1 models. Despite the positive results, Rivian's stock fell over 6% on Friday. The company currently holds approximately $5.3 billion in cash and short-term investments, supported by a secondary offering and upcoming debt financing from partnerships with Volkswagen Group and Uber.